As per the research report, the size of the Latin America Breast Biopsy Market has been forecasted at USD 65.89 million in 2023. It is further estimated to be growing at a CAGR of 10.9% and worth USD 110.54 million by 2028.
A breast biopsy is a process that involves removing tissue or fluid from a suspect area of a patient's body and evaluating the sample to determine the presence of breast cancer.
Breast cancer is the most frequent type of cancer among women across Latin America. It is leading to more cancer deaths across the region; Y-O-Y growth in the incidence of breast cancer in the Latin American region is majorly accelerating the market for breast cancer biopsy in this region. In addition, technological advancements and innovations in breast cancer liquid biopsy are expected. Furthermore, a significant advantage of liquid biopsy is the ability to detect smaller tumors than those identifiable by typical imaging-based screening procedures. In addition, liquid biopsy can evaluate cancer DNA rather than tumor mass, allowing for earlier tumor identification.
Other factors such as growing awareness among the people about the breast cancer prevalence and availability of treatment procedures, increasing healthcare spending, and supportive government policies boost the market growth. Furthermore, the increase in the regulatory approvals, implementation of key market strategies by the key market players are expected to boost the regional market growth. The market strategies include mergers, acquisitions, and partnerships. In addition, the increasing investments and funding by the government and non-government organizations for the development of healthcare infrastructure, adoption of technology, and medical tourism encourage market growth.
However, unclear reimbursement policies and stringent government regulation is expected to impede the market growth. In addition, the treatment cost is more concerned in some countries, which is expected to limit the market growth. The risk of infection from improper breast biopsy cut and wound care and uncertain regulatory guidelines for medical equipment is expected to hamper the growth in the Latin American breast biopsy market.
This research report on the Latin American breast biopsy market has been segmented and sub-segmented into the following categories:
By Type:
By Product:
By Guidance:
By Country:
Geographically, the Latin American region is anticipated to grow at a moderate pace during the forecast period and is driven owing to the rising incidence of breast cancer, improving healthcare sectors, innovations, and technological advancements in healthcare. The countries such as Brazil, Mexico, and Argentina are significantly contributing to the market growth.
During the forecast period, the Brazilian market is expected to account for the majority of the market share in the region. Breast cancer awareness, ongoing technical developments in treatment choices, and high healthcare spending are projected to propel the market for breast biopsy.
On the other hand, emerging countries such as Argentina and Mexico are projected to register a considerable share in the breast biopsy market. Supportive government policies, increasing research and development activities, the presence of key market players, and the rising number of breast cancer screening programs are fuelling the market growth.
KEY MARKET PLAYERS:
Companies playing a prominent role in the Latin American breast biopsy market profiled in the report are Hologic Inc., Leica Biosystems Nussloch GmbH (Devicor Medical Products, Inc.), C. R. Bard, Inc., Becton and Dickinson Company, Argon Medical Devices, Cook Medical Incorporated, Encapsule medical Devices LLC., Ethicon Endo-Surgery (Johnson & Johnson), Intact Medical Corporation, and Galini SRL.
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